Nestle announced on Monday that it will invest $42.88 million to open a new production facility in western Ukraine.
Since Russia’s invasion of Ukraine in February, Nestle is one of a very small number of multinational corporations to have announced new investments there.
According to Nestlé’s chief executive officer for the South Eastern Europe Market, Alessandro Zanelli, “this is an important move for Nestlé, taken at a very difficult time for the country.”
“We want to establish a food and culinary hub that will provide new jobs and meet the needs of Ukrainians and people all over Europe with high-quality goods.”
Ukraine’s economy, which was destroyed by Russia’s invasion, is expected to contract by 35% this year, according to projections from the International Monetary Fund. Blackouts of electricity have been spreading across the nation in recent weeks as Russia has stepped up its attacks on Ukrainian power plants.
The new production facility in Smolyhiv in the Volyn region will add 1,500 new jobs to Nestle’s existing 5,800 workforce in Ukraine.
The new facility will contribute to an increase in the production of cold sauces, seasonings, soups, and instant foods for both the domestic market and markets in Europe.
What do you think of that Nestle’s plan for building a new factory in the Urkaine? Please let us know in the comments.
